Stock market today: Asian benchmarks trade mixed amid expectations for US rates to stay high [Video]

BANGKOK – Asian shares were trading mixed Wednesday, as expectations resurfaced that U.S. interest rates may stay high for a while.

Japan’s benchmark Nikkei 225 dipped 0.6% in morning trading to 38,226.39. Australia’s S&P/ASX 200 edged up 0.2% to 7,624.70. South Korea’s Kospi declined 0.3% to 2,603.22. Hong Kong’s Hang Seng added 0.2% to 16,283.91, while the Shanghai Composite gained 0.6% to 3,026.20.

The mixed reaction came after Federal Reserve Chairman Jerome Powell said at an event Tuesday that the central bank has been waiting to cut its main interest rate, which is at its highest level since 2001, because it first needs more confidence inflation is heading sustainably down to its 2% target.

“Appetite for risk-taking remains weak, with Federal Reserve Chair Jerome Powell validating a later timeline for rate cuts, alongside a raft of Fed speakers calling for more patience in easing,” said Yeap Jun Rong, market analyst at …